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Line cookie sheet with parchment paper. Place cereal in large bowl.
In a small bowl, microwave white vanilla baking chips/bark uncovered on high about 1 minute 30 seconds. Let sit for 2 minutes in the microwave and then stir until smooth, adding additional time in 15 second increments, if needed.
Pour melted chocolate over cereal. Sprinkle in half the peppermint candy. Stir mixture gently until evenly coated.
Spread mixture in single layer on cookie sheet. Immediately sprinkle with remaining peppermint candy.
Let stand until set, about 20 minutes. Gently break up coated cereal. Store in airtight container.