Line a 9x9 inch baking pan with plastic wrap, leaving some overhang.

In a double boiler, combine the sugar, corn syrup, water, and butter. Stir continuously until the mixture reaches a boil and the sugar dissolves.

Remove from heat and mix in the marshmallow fluff and peanut butter until fully combined and smooth.

Gently fold in the crushed peanuts until evenly distributed.

Pour the nougat mixture into the prepared pan and spread evenly.

In a saucepan, melt the caramel candies with heavy cream over low heat. Stir until smooth and completely melted.

Pour the melted caramel over the nougat layer and spread evenly. Allow it to cool and set for about 30 minutes.

In a microwave-safe bowl, combine chocolate chips and shortening. Microwave in 30-second intervals, stirring in between, until smooth.

Lift the set nougat and caramel out of the pan using the plastic wrap. Cut into bars and dip each bar in the melted chocolate.

Place the coated bars on a baking sheet lined with parchment paper. Refrigerate until the chocolate is firm.