In large microwavable bowl, mix cereals and peanuts.

In 2-cup microwavable measuring cup, microwave butter and honey uncovered on High 1 to 2 minutes, stirring every 30 seconds, until mixture comes to a full boil and butter is melted. Pour over cereal mixture, stirring until evenly coated. Microwave uncovered on High 2 to 4 minutes, stirring every minute, until mixture is well coated and looks glazed.

Spread on waxed paper or foil to cool. Place in serving bowl; stir in candies. Store in airtight container.