Lightly butter 13 x 9-inch pan. In large saucepan over low heat, melt candy coating and peanut butter; blend well. Remove from heat. Stir in cereal and peanuts; mix well. Press mixture evenly in buttered pan. Immediately sprinkle M&M's over bars; press lightly. Allow to set 45 to 60 minutes. Cut into bars. Store in tightly covered container. 48 bars.