Place cereal in a large bowl; set aside. In a saucepan over low heat, stir candy coating and peanut butter until smooth, about 10 minutes.
Pour over cereal and stir until well coated. Immediately spread onto two greased baking sheets. Cool completely. Store in an airtight container.
Editor's Note: White confectionery coating is found in the baking section of most grocery stores. It is sometime labeled "almond bark" or "candy coating" and is often sold in bulk packages of 1 to 1-1/2 pounds.
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