Line cookie sheet with wax paper.
Pour popcorn onto cookie sheet. Spread popcorn out making sure kernels are touching each other but not overlapping. Sprinkle peanuts on top.
Pour milk chocolate morsels into a small bowl. Heat in microwave for 45 seconds. Remove and stir. Return to microwave, heating in 20 second intervals as needed, stirring between each interval until completely melted.
Drizzle evenly over popcorn and peanuts.
Pour peanut butter and shortening into a small bowl. Heat for 45 seconds, stir, and return to the microwave for 30 additional seconds. Stir well.
Drizzle evenly over popcorn. peanuts and chocolate.
Place cookie sheet into refrigerator for 3-4 hours. Remove. Break popcorn into pieces as desired. Keep popcorn in a covered container.