Spray an 8 or 9 inch square cake pan with cooking spray. Crisscross two sheets of waxed paper in the pan with a couple inches overhanging on all sides.

Place the semisweet chocolate chips in a microwave-safe bowl and microwave at high power for 60 seconds or until the chocolate is almost all melted, stirring every 30 seconds. Stir in the chocolate frosting until fully combined. Spread into the pan and level the top.

In another microwave-safe bowl, melt the white chocolate chips for 60 seconds or until the chocolate is almost all melted, stirring every 30 seconds. Stir in the vanilla frosting, peppermint extract, and food coloring. Add enough food coloring to make the mixture light pink. Spread the mixture over the chocolate layer, smoothing the top. Place a couple sheets of paper towels over the top and press down, absorbing any extra oil.

Place the peppermint candies in a plastic food storage bag and crush them with a rolling pin. Spread the candies over the top, pressing in lightly. Refrigerate for at least 2 hours.

Using the waxed paper to help you pull the fudge out of the pan, remove and cut into small squares.