Step 1: In a large bowl, combine the first three ingredients.
Step 2: In a microwave, melt chips; stir until smooth. Pour over cereal mixture and toss to coat.
Step 3: Immediately spread onto waxed paper-lined baking sheet; let stand until set, about 30 minutes or until completely cooled.
Step 4: Break into pieces.
Step 5: If serving right away transfer to a large bowl then mix in the M&M's chocolate candies or peanuts.
Step 6: If serving later transfer airtight container.
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