Butterscotch peanut chews

From Grandma Litzi but I think it originated off the butterscotch chip bag or milk container.

14 oz sweetened condensed milk
6 ounces butterscotch chips
4 cups shredded wheat, shredded
1 cup unsalted peanuts

Melt milk and chip in microwave. Pour over wheat and peanuts in a large mixing bowl. Drop mixture by the teaspoonful onto wax paper. Chill 2 hours and store in fridge.