Place baking chips in freezer to chill. In large bowl, mix cereal, peanuts, pretzels and marshmallows. Set aside.
In large microwavable bowl, microwave candy coating uncovered in high 1 minute 30 seconds. Stir, breaking up large chunks. Microwave about 30 seconds longer or until coating can be stirred smooth.
Gently and quickly stir cereal mixture into coating with rubber spatula, stirring gently until evenly coated. Stir in chilled baking chips. Spread on waxed paper until cooled. Break into chunks. Store in airtight container in refrigerator.