Place half of each cereal into two large bowls.
Melt butter in a large pot; add Karo syrup and sugar. Heat together over medium and bring to a boil.
Boil for two minutes then pour evenly over the cereal in each bowl.
Stir together then add coconut, M&M’s, and peanuts. Spread over two greased cookie sheets to cool. Place in a large bowl to serve.